Visteon shareholders look to delay plan confirmation hearing

By Jennifer Lanning Drey

Portland, Ore., Aug. 30 - Visteon Corp. shareholder Chris Norris sent a letter to judge Christopher Sontchi asking him to postpone the company's plan of reorganization confirmation hearing scheduled for Aug. 31, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

In the letter, Norris said individual shareholders had previously relied on the court's observation that the group was "well represented."

However, the shareholders now believe their interests have not been represented.

As a result, the shareholders should be allowed time to prepare for proper court representation, Norris said.

In a separate letter filed with the court, Visteon shareholder Ron Reina also asked the court to postpone the confirmation hearing until non-hedge-fund shareholders had been heard.

In the letter, Reina told judge Sontchi it is "vital" for non-hedge-fund shareholders to be identified as a distinct and separate entity from the hedge funds. Dual treatment of the two must cease, he said.

The shareholder said he was petitioning for an examiner.

Reina also said he would like the 1.94% offering to shareholders that is included in the company's plan of reorganization to be explained and verified by a non-biased third party.

"What we have, in my humble view, is a company insisting on insolvency, yet this 2% indeed becomes a confession of equity. They must give account to an examiner," he said.

As previously reported, under Visteon's plan of reorganization, holders of interests in Visteon will receive their share of old equity warrants and 1.94% of the distributable equity under the plan, provided they vote in favor of the plan.

Visteon, a Van Buren Township, Mich., global automotive supplier, filed for bankruptcy on May 28, 2009. Its Chapter 11 case number is 09-11786.

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